EUR/AUD ââ,¬â€œ With EURAUD continuing to trade in an upward trend with support from a line starting at the 5/5 low of 1.6364 and RSI above the 50 level, the pair could be moving higher to target the 61.8% fibo of 1.6364 ââ,¬â€œ 1.7352 at 1.6975. However, steadily declining oscillators on the hourly and daily charts could signal a reversal if price breaks through shorter term support and falls below the 8/11 low of 1.6571.

EUR/CAD ââ,¬â€œ EURCAD descended from the resistance line of a slightly contracting upward sloping channel and targets the supporting line of the channel. This area also happens to be the confluence of the 50% fibo of 1.3493 ââ,¬â€œ 1.4587 at 1.4038 and the 200 SMA. A break below support could trigger further selling down to the 61.8% fibo at 1.3914. However, retracement higher would need to push through the long term trendline drawn from the 12/23/05 high of 1.6702 to target the 8/4 high of 1.4587.

EUR/NZD ââ,¬â€œ As we mentioned last week, EURNZD shows an obvious head and shoulders pattern on the daily with price holding above the neckline. Hourly charts show the formation of a descending triangle, and combined with bearish oscillators on both daily and hourly charts, the pair could break lower through the 8/23 low of 1.9964 and start to form a downtrend. However, a move up through the resistance trendline should target the 38.2% fibo of 2.0810 ââ,¬â€œ 1.9964 at 2.0284.

Jamie Saettele is a Technical Currency Analyst for FXCM.